Palace Performing Arts Center Inc

Analysis

Palace Performing Arts Center Inc is a registered charity in United States, based in Albany, NY. It received its IRS tax-exemption ruling in October 1989, 37 years ago. Its declared purposes cover arts, culture and humanities, which this site groups under arts, culture, heritage and science. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Palace Performing Arts Center Inc reported income of $4.2m and spending of $4.1m, spending 96% of its income. Across the 5 years on record, from June 2019 to June 2023, income fell from $6.5m to $4.2m (-35%), an average of -10% a year. The sharpest change came in the year to June 2022, when income rose by 72%. Over the whole period it spent 87% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Palace Performing Arts Center Inc sits at the 95th percentile: it is larger than about 95% of them. Against every charity in United States with reported income it ranks in the 91st percentile, and in the 88th percentile within NY. Charities of a similar size with the same main cause include Kansas City Museum Foundation Inc ($4.2m), House of the Temple Historic Preservation Foundation Inc ($4.2m) and Childrens Cancer Association ($4.2m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 2.7% and program service revenue 91% of the total. Compensation of current officers, directors and key employees was $155k (3.8% of expenses). Other salaries and wages came to $879k. At year end it held assets of $7.5m against liabilities of $2.4m, net assets of $5.0m. It reported 99 employees.